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APS Releases System Support for CARES Act Compliance
With the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, APS immediately began working to gain a better understanding of the legislation and how this would impact our customers. Our development team has been working hard to make it easier for our clients to track and manage employer relief under the CARES Act.
In our latest software release, our development team created system support to simplify and automate CARES Act compliance processes as much as possible to reduce the burden on our customers.
CARES Act Delay of Social Security Tax Payments
Upon client request, the APS platform now automatically defers the employer portion of Social Security tax liability. Employers may choose to defer Social Security payments as long as they are not receiving or planning to receive a loan(s) under the Small Business Act and such loans may be forgiven under Section 1106 of the CARES Act.
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Paycheck Protection Program Export
The Paycheck Protection Program (PPP) Export provides data intended to assist employers in the calculation of the Paycheck Protection loan amount. This includes gross pay, deductions, and the sum of SUTA taxes paid by employees. This export eliminates the need for employers to manually calculate their projected PPP loan amounts.
Please Note: As of April 16th, 2020, the SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. We will provide additional updates as they are released.
New COVID-19 Static Dashboard Tile
We have released a new COVID-19 static dashboard tile to display important COVID-19 information and links for easy access to relevant data. Currently, the tile provides a link to COVID-19 Help Center information and the Paycheck Protection Program (PPP) export link. As additional resources are made available, they will be added to this tile.
New COVID-19 Response Team
We have created a COVID-19 Response Team to assist in processing payroll, as well as making it easier for our clients to utilize the credits and deferrals the IRS has created. The response team is designed to provide expertise and additional support to our clients on all COVID-19 related matters, including the FFCRA and CARES Act.
How APS CARES Act Tracking and Management is Different
Since APS is designed as one system, our development team was able to quickly create system updates to support CARES Act compliance. As a result, we’ve eliminated manual tracking of Social Security deferrals and calculations for PPP loan amounts. All of APS’ COVID-19 related system updates are designed to take the complexity out of managing new compliance requirements that have been placed on employers.
COVID-19 Product Roadmap
As mentioned in our previous blog about FFCRA Credit Tracking and Management, APS is working to adapt to our clients’ needs, and we are adjusting our product roadmap to meet COVID-19 demands. Here’s what clients can expect:
FFCRA Sick Pay Dashboard
PPP Forgiveness Report
APS is closely monitoring all tax regulation changes to ensure we are helping minimize customer compliance burdens during this time. As we become aware of new policies and procedures, we are frequently updating our Help Center and COVID-19 Resources Hub.
Need Help Calculating Your PPP Loan Amount?
Our system eliminates the need to manually calculate PPP Loan Amounts with automated processes and calculations. Contact us today to learn how you can simplify your loan process and reduce your burden.
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